In today’s briefing:
- Tesserent’s Shareholders To Vote on 18 Sept As FIRB Mulls Thales Offer
- DDH1 (DDH AU): Scheme Meeting on 18 September
- DDH1/Perenti Merger: 18 Sept Shareholder Vote
- State Gas Limited – Cashed up and on the Path to First Gas
- Pointerra Ltd – Share Placement and SPP to Fund US Sales Force/WC
Tesserent’s Shareholders To Vote on 18 Sept As FIRB Mulls Thales Offer
- Back on the 13 June, cybersecurity firm Tesserent Ltd (TNT AU) announced a Scheme with France’s Thales SA (HO FP). Thales is offering A$0.13/share, a 165% premium to last close.
- The Scheme Doc has been despatched with Tesserent shareholders voting on the 18 September. Tesserent’s board (holding 9.23%) and the IE are supportive. Implementation expected on the 4 October.
- The Offer is also subject to FIRB signing off. New Zealand’s OIO gave the green light on the 18 July.
DDH1 (DDH AU): Scheme Meeting on 18 September
- DDH1 (DDH AU)‘s IE considers Perenti Global (PRN AU)’s A$0.1238 cash plus 0.7111 PRN shares for each DDH share offer fair and reasonable.
- The offer requires DDH1 shareholder approval. Shareholders representing 38.0% of outstanding shares will vote in favour of the scheme.
- The low spread points to a done deal. At the last close price and for the 6 October payment, the gross and annualised spread is 1.5% and 10.8%, respectively.
DDH1/Perenti Merger: 18 Sept Shareholder Vote
- Back on the 26 June, specialty mining driller DDH1 (DDH AU)announced a merger, by way of a Scheme, with Perenti Global (PRN AU).
- Under the agreement, DDH1 shareholders would receive for each DDH1 share held $0.1238 cash plus 0.7111 Perenti shares, for an implied value of A$1.01/share, or a 17.4% premium.
- I thought the terms were fair. The Independent Expert has now concluded the same. Shareholders will have their say at the Scheme Meeting on the 18 September.
State Gas Limited – Cashed up and on the Path to First Gas
- State Gas Limited (ASX:GAS) is a junior energy producer and explorer with assets concentrated in the Bowen Basin, Queensland.
- Having secured a capital injection through a recent equity placement, the company is set to make the transition from explorer to producer with the imminent start-up of the Rolleston West CNG Project.
- Although only a small-scale start-up, first gas is always a critical event driver in demonstrating the commercial potential of the assets and providing a platform from which growth strategies can emanate.
Pointerra Ltd – Share Placement and SPP to Fund US Sales Force/WC
- Pointerra Ltd (ASX:3DP) provides a powerful cloud-based solution (Pointerra3D) for managing, visualising, analysing, using, and sharing massive 3D point clouds and datasets.
- Pointerra3D is a proprietary digital twin SaaS platform which delivers predictive digital insights and definitive answers to complex physical asset management questions.
- The Pointerra3D suite of solutions spans target sectors including survey and mapping; architecture, engineering, and construction (AEC); utilities; transport; resources, and defence and intelligence.
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